Studies and Experts Agree that the Future Belongs to Mobile Processing
According to a study by JiWire, a leader in mobile advertising, nearly 37 percent of all smartphone owners are utilizing some sort of mobile wallet for point of sale transactions.
JiWire also found that 49 percent of smartphone owners are comparison shopping on their devices while inside a brick and mortar business and 15 percent are comparing in-store prices against listed prices on the company’s website.
Another intriguing finding was that tablet owners are twice as likely to comparison shop while in a store only to end up purchasing through their mobile device. Males, as well as those between age 25 and 44 were 53 percent more likely to compare prices with their mobile device while in-store, the study found.
A separate study conducted by the Pew Internet and American Life Project has found that nearly 65 percent of mobile experts believe that mobile wallet technology will be the predominant form of payment transactions within eight years.
Though this information looks promising for mobile transactions as a rapidly evolving industry, there still exists a certain amount of skepticism over privacy and security issues revolving around using their cellphones to make purchases. But like many issues related to online security, time usually dissolves most fears as new technology becomes common place and the initial shock loses its novelty.